Due to the adopted accounting policy and the fact that the PZU Group entities did not separate defined benefit assets, the carrying amount of defined benefit provisions is equal to the current value of the corresponding liabilities.
The actuarial assumptions used for the purpose of estimating provisions for employee benefits have been presented in Note 6.2.5.
Provisions for employee benefits | 31 December 2014 | 31 December 2013 |
Provision for employee leaves |
71,923 |
60,094 |
Post-employment benefits |
44,384 |
31,365 |
- provisions for retirement severence pay |
20,923 |
12,141 |
- provisions for death benefits |
23,461 |
19,224 |
Other long-term employee benefits |
3,763 |
31,921 |
Total provisions for employee benefits |
120,070 |
123,380 |
Net income and expenses recognized in the statement of profit or loss related to provisions for employee benefits | 1 January – 31 December 2014 | 1 January – 31 December 2013 |
Net revenue (expenses) recognized in profit or loss |
-1,505 |
-4,574 |
Defined benefit plans |
-1,492 |
-5,700 |
- provisions for retirement severence pay |
-1,896 |
-2,654 |
- provisions for death benefits |
404 |
-3,046 |
Other long-term employee benefits |
-13 |
1,126 |
Net revenue (expenses) recognized in other comprehensive income |
-8,438 |
902 |
Defined benefit plans |
-7,933 |
902 |
- provisions for retirement severence pay |
-3,306 |
862 |
- provisions for death benefits |
-4,627 |
40 |
Other long-term employee benefits |
-505 |
- |
Total net income and expenses recognized in the statement of profit or loss related to provisions for employee benefits |
-9,943 |
-3,672 |
47.1 Provisions for retirement benefits
Change in the balance of provision for retirement benefits | 1 January – 31 December 2014 | 1 January – 31 December 2013 |
Opening balance |
12,141 |
12,145 |
Changes recognized in profit or loss |
1,896 |
2,654 |
- current service cost |
1,561 |
1,084 |
- past service cost |
185 |
440 |
- interest income or expense |
150 |
1,130 |
Remeasurement of provision (changes recognized in other comprehensive income) |
3,306 |
-862 |
- actuarial profits and losses resulting from changes in demographic assumptions |
-271 |
113 |
- actuarial profits and losses resulting from changes in financial assumptions |
3,577 |
-975 |
Exchange differences |
56 |
- |
Benefits paid |
-548 |
-1,806 |
Change in group composition |
4,072 |
10 |
Closing balance |
20,923 |
12,141 |
Total expected cash flows from retirement benefits since the end of the financial year | 31 December 2014 | 31 December 2013 |
Up to 3 months |
608 |
64 |
Over 3 months and up to 1 year |
908 |
494 |
Over 1 year and up to 5 years |
3,274 |
3,040 |
Over 5 years |
69,207 |
65,092 |
Total |
73,997 |
68,690 |
47.2 Provisions for death benefits
Change in the balance of provision for death benefits | 1 January – 31 December 2014 | 1 January – 31 December 2013 |
Opening balance |
19,224 |
16,460 |
Changes recognized in profit or loss |
-404 |
3,046 |
- current service cost |
2,195 |
1,369 |
- past service cost |
-2,685 |
1,334 |
- interest income or expense |
86 |
343 |
Remeasurement of provision (changes recognized in other comprehensive income) |
4,627 |
-40 |
- actuarial profits and losses resulting from changes in demographic assumptions |
227 |
896 |
- actuarial profits and losses resulting from changes in financial assumptions |
4,400 |
-936 |
Benefits paid |
-81 |
-242 |
Change in group composition |
95 |
- |
Closing balance |
23,461 |
19,224 |
Total expected cash flows from death benefits since the end of the financial year | 31 December 2014 | 31 December 2013 |
Up to 3 months |
299 |
56 |
Over 3 months and up to 1 year |
948 |
957 |
Over 1 year and up to 5 years |
6,043 |
5,798 |
Over 5 years |
79,873 |
76,972 |
Total |
87,163 |
83,783 |